Victoria’s Secret will close 250 stores in the US and Canada

Victoria’s Secret will close 250 stores in the US and Canada

Victoria’s Secret parent company L Brands reported Wednesday its third consecutive quarterly loss and fourth consecutive drop in sales (-37%), as its stores were forced to close due to the global pandemic. coronavirus, a blow that led him to decide to permanently close 250 stores in the United States and Canada.This was reported by the company on the results of its last fiscal quarter, which ended on May 2, with earnings per share of 99 cents and earnings of $ 1.65 billion. The retailer, which also owns Bath & Body Works, reported a net loss of 296.9 million compared to a profit of 40.3 million in the same period a year ago.

Victoria’s Secret is thus planning to permanently close some 250 stores in the US and Canada in 2020, announced L Brands, which also plans to permanently close 50 Bath & Body Works stores in the US and one in Canada, according to information the company released as part of its earnings. quarterly.

The news comes a day after other retailers announced similar moves. Pier 1 Imports explained plans to close all of its stores and JC Penney will definitively close 242 within its plans to emerge from bankruptcy. “We intend to open the stores carefully, taking steps to ensure the safety of our customers and associates, and complying with government guidelines,” said L Brands, who expects most of his stores to be open in late July.